Oct. 10 (Bloomberg) -- The vice chairman and the chief
executive officer of MCX Stock Exchange Ltd., an Indian equity
market that opened eight months ago, quit from the board amid a
probe of trading practices at a related commodities bourse.

Both Shah and Massey were questioned this week by the
Mumbai police department’s Economic Offences Wing about National
Spot Exchange Ltd.’s failure to settle some commodities trades
with investors, the Economic Times reported. Financial
Technologies, a Shah-founded company that is NSEL’s parent, also
helped create MCX Stock Exchange. Shah is on NSEL’s board and
Massey used to be a director at the commodities market.

NSEL suspended trading for some products on July 31 and
India barred the bourse from introducing new obligations without
prior approval on Aug. 6. The country’s futures-market regulator
said NSEL broke rules by allowing the sale of commodities that
traders didn’t keep in its warehouses, leaving about 56 billion
rupees ($900 million) of trades unsettled.

Thomas Mathew was named as a public interest director at
MCX Stock Exchange by the Securities and Exchange Board of
India, the country’s stock-market regulator, according to
yesterday’s statement.

MCX Stock Exchange handled about 0.1 percent of India’s
equity trading volume during the past month, lagging behind
markets run by National Stock Exchange of India Ltd. and BSE
Ltd., according to data compiled by Bloomberg.